topic Should I close my Cap One card? in Credit Cards

Should I close my Cap One card?

Anonymous — Mon, 23 Jan 2012 02:41:40 GMT

As the subject says, I'm thinking about closing my Capital One card. It's a Cap One platinum card, the one with a $19 AF, 750 CL, 24.99% apr.

I'm just not sure if I really have any reason to keep it open. The credit limit is low. With my recent CLI from NFCU, I really don't even remotely need the account. I just have two automatic charges (Netflix and IdentityMonitor) going on that card, but that's the only use it sees now. NFCU and Discover are the cards that stay in my wallet.

And since it's Cap One, the card will probably never see a sizeable CLI, or get PCed to anything useful, and I'll be stuck with an awful APR, an annual fee and no rewards.

I closed my Cap One secured card about a month ago, as well as my Orchard one. Now, I'm wondering why I haven't closed this one yet.

Is there really any reason why I should keep it open? It's my 'oldest' card, but all that means is 13 months. My AAOA is so short that it doesn't really make any difference in the long run anyway. It doesn't give me rewards, and I don't need the CL on it.

Re: Should I close my Cap One card?

Anonymous — Mon, 23 Jan 2012 02:43:22 GMT

Call and see if you can get the AF waived with the implied threat to close it if they won't waive it If you can, then it's worth it. Otherwise, $19/yr for an account that is barely helping your AAoA isn't worth it imo.

Re: Should I close my Cap One card?

CS800 — Mon, 23 Jan 2012 02:43:39 GMT

@Anonymous wrote:
As the subject says, I'm thinking about closing my Capital One card. It's a Cap One platinum card, the one with a $19 AF, 750 CL, 24.99% apr.

I'm just not sure if I really have any reason to keep it open. The credit limit is low. With my recent CLI from NFCU, I really don't even remotely need the account. I just have two automatic charges (Netflix and IdentityMonitor) going on that card, but that's the only use it sees now. NFCU and Discover are the cards that stay in my wallet.

And since it's Cap One, the card will probably never see a sizeable CLI, or get PCed to anything useful, and I'll be stuck with an awful APR, an annual fee and no rewards.

I closed my Cap One secured card about a month ago, as well as my Orchard one. Now, I'm wondering why I haven't closed this one yet.

Is there really any reason why I should keep it open? It's my 'oldest' card, but all that means is 13 months. My AAOA is so short that it doesn't really make any difference in the long run anyway. It doesn't give me rewards, and I don't need the CL on it.

Nope, by closing it, you will only lose the $750 limit in your util but you will not lose the age of this account. It may report for up to 10 years.

Re: Should I close my Cap One card?

Anonymous — Mon, 23 Jan 2012 02:46:20 GMT

@CS800 wrote:
Nope, by closing it, you will only lose the $750 limit in your util but you will not lose the age of this account. It may report for up to 10 years.

I actually read the stickied post about closing cards and AAOA effects So I'm not worried about the AAOA impact. And since I hope to add some prime cards to my portfolio in the next 12 months, it won't really make any difference in 10 years once it does drop off my reports.

I just can't think of any reason to keep it open, but it feels 'wrong' to close the card since it's the first one I got.

Re: Should I close my Cap One card?

Anonymous — Mon, 23 Jan 2012 02:47:34 GMT

@Anonymous wrote:
Call and see if you can get the AF waived with the implied threat to close it if they won't waive it If you can, then it's worth it. Otherwise, $19/yr for an account that is barely helping your AAoA isn't worth it imo.

Eh, but is it really worth it? I mean a $750 CL that will probably never budge (since it's a rebuilder card) isn't doing anything for my util % now - and I doubt it'll do anything in the long run either.

Plus I've heard that Cap One doesn't like to waive annual fees.

Come to think of it, they don't really like to do *anything* customer-friendly.

Re: Should I close my Cap One card?

frogfan12 — Mon, 23 Jan 2012 02:47:39 GMT

Close it! Close it!

Re: Should I close my Cap One card?

CS800 — Mon, 23 Jan 2012 02:49:01 GMT

YOu know deep down that the possibility of a CLI is close to none. So do yourself a favor and put this card out of its misery

Re: Should I close my Cap One card?

Guava — Mon, 23 Jan 2012 02:52:40 GMT

With the cards you have, I'd close Cap1, save some bucks, and be done with it

Re: Should I close my Cap One card?

Anonymous — Mon, 23 Jan 2012 02:58:54 GMT

@Anonymous wrote:
@Anonymous wrote:
Call and see if you can get the AF waived with the implied threat to close it if they won't waive it If you can, then it's worth it. Otherwise, $19/yr for an account that is barely helping your AAoA isn't worth it imo.

Eh, but is it really worth it? I mean a $750 CL that will probably never budge (since it's a rebuilder card) isn't doing anything for my util % now - and I doubt it'll do anything in the long run either.

Plus I've heard that Cap One doesn't like to waive annual fees.

Come to think of it, they don't really like to do *anything* customer-friendly.

I was just thinking that in a few years it would be a nice glowing mark on your AAoA. Only worth it if they waive the AF though.

Re: Should I close my Cap One card?

Anonymous — Mon, 23 Jan 2012 03:03:13 GMT

@Anonymous wrote:

I was just thinking that in a few years it would be a nice glowing mark on your AAoA. Only worth it if they waive the AF though.

That's a good point, but I figure if it stays on my report for 10 years anyway, it won't matter. I have another card that's just as old that I closed last month anyway. And I figure sometime after the summer, I'll try to pull the trigger for Amex and Citi or Chase, so I should (hopefully) have some other no-AF prime cards by the end of the year - so in a few years, it won't really make a difference anyway.

So by the time the card would drop off my credit report, I should have other cards and accounts (since I plan to/hope to get an auto loan in the next month or two) that are almost as old anyway.

I guess I'm feeling bad about it since it's the very first CC I had, but.. it served its purpose, and now.. it just sits gathering dust.

Re: Should I close my Cap One card?

CS800 — Mon, 23 Jan 2012 03:05:49 GMT

@Anonymous wrote:

That's a good point, but I figure if it stays on my report for 10 years anyway, it won't matter. I have another card that's just as old that I closed last month anyway. And I figure sometime after the summer, I'll try to pull the trigger for Amex and Citi or Chase, so I should (hopefully) have some other no-AF prime cards by the end of the year - so in a few years, it won't really make a difference anyway.

So by the time the card would drop off my credit report, I should have other cards and accounts (since I plan to/hope to get an auto loan in the next month or two) that are almost as old anyway.

I guess I'm feeling bad about it since it's the very first CC I had, but.. it served its purpose, and now.. it just sits gathering dust.

Exactly how i felt when i closed my $500 cap one. It was one of my oldest but it didnt want to grow.

Re: Should I close my Cap One card?

bichonmom — Mon, 23 Jan 2012 04:35:14 GMT

I know what you mean. I have a $750 Cap One that was my first rebuilder CC, w/$39 AF. I know it's not going anywhere. I've been told there's a second step a year after the first that will go to $1k. Whopee! With my $2k NFCU and $2200 Barclay's, the promise of an itsy bitsy CLI from Cap One is like waiting for crumbs. I know the promise of a good CLI from Navy is waiting for me.

But at the same time, it was my first rebuilder card, so I am very reluctant to cancel it next month. But I've decided that I'm going to force myself. I will give them a chance to waive the AF, but I ain't holding my breath for that one! If/when they don't, it's going bye-bye. Cap One isn't worth the time or energy, IMO!